First City Monument Bank (FCMB), a member of FCMB Group Plc, has announced a partnership with the Mastercard Foundation to provide N15.5bn subsidised loans to 100,000 Micro, Small and Medium Enterprises (MSMEs).
In a statement yesterday, FCMB said the loan is to help MSMEs and youth in Nigeria to scale their operations and create work opportunities.
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It added that the programme, which is part of the Mastercard Foundation’s Young Africa Works strategy in Nigeria, is aimed to move Nigerian youth out of poverty by ensuring that qualified MSMEs can access loans for their business at a single-digit interest rate.
“70 per cent of the MSME Revitalisation Fund targets women-owned MSMEs in agribusiness, the creative industry, and the digital sector. The remaining 30 per cent will be deployed to meet the funding needs of youth-owned enterprises and businesses run by vulnerable members within Nigeria.”
Speaking on the partnership, the Managing Director, FCMB, Yemisi Edun, described it as a purpose-driven intervention to help break barriers that limit MSMEs’ productivity and overall success in Nigeria.
She noted that the past few years have been very challenging for businesses in Nigeria, and the need for concerted efforts to create opportunities for businesses to find their footing.
Mastercard Foundation’s Country Head for Nigeria, Chidinma Lawanson, said the partnership would help to scale support to reach more young people and communities that have been affected by the pandemic.
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